Empirical evidence on circular economy and economic development in Europe: a panel approach
Abstract
Sustainable economic growth is desired to be achieved by governments targeting economic, social, and environmental benefits. The idea of circular economy model is to consider feedback effects from proper waste management instead of one-way effects typical with the classical linear model. Several sectors of society contribute to circular economy and its monetary and environmental outputs in a sustainable way. The aim of this paper is to analyze the dependencies and causalities of circular economy and economic developments in the EU. The research objectives include testing (i) whether research and development (R&D) expenditure, GDP per capita and generation of municipal waste per capita influence the recycling rate of municipal waste, and (ii) whether R&D expenditure, generation of municipal waste per capita and the recycling rate of municipal waste influence the GDP per capita. The relevant indicators are obtained from Eurostat. The research methods of fixed effects and Tobit approach are used to study the statistical relevance of the two models. The pairwise causality of variables is tested by Dumitrescu–Hurlin causality test. One result of the study is that technology development, by a decreasing life of products, leads to an increase of waste generation. Therefore, environmentally friendly technologies should be produced.
Keyword : circular economy, economic development, competitiveness, fixed effects model, Tobit model, Granger causality
How to Cite
Georgescu, I., Kinnunen, J., & Androniceanu, A.-M. (2022). Empirical evidence on circular economy and economic development in Europe: a panel approach. Journal of Business Economics and Management, 23(1), 199–217. https://doi.org/10.3846/jbem.2022.16050
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Gardiner, R. & Hajek, P. (2020). Municipal waste generation, R&D intensity, and economic growth nexus – A case of EU regions. Waste Management, 114, 124–135. https://doi.org/10.1016/j.wasman.2020.06.038
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Ghazi Alajmi, R. (2016). The relationship between economic growth and municipal solid waste & testing the EKC hypothesis: Analysis for Saudi Arabia. Journal of International Business Research and Marketing, 1(5), 20–25. https://doi.org/10.18775/jibrm.1849-8558.2015.15.3003
Ghisellini, P., Cialani, C., & Ulgiati, S. (2014). Circular economy: State of the art, promises and expectations. A review (Working papers in transport, tourism, information technology and microdata analysis (pp. 39). Dalarna University, Sweden.
Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424–438. https://doi.org/10.2307/1912791
Greyson, J. (2007). An economic instrument for zero waste, economic growth and sustainability. Journal of Cleaner Production, 15(13–14), 1382–1390. https://doi.org/10.1016/j.jclepro.2006.07.019
Grondys, K., Slusarczyk, O., Hussain, H. I., & Androniceanu, A. (2021). Risk assessment of the SME sector operations during the COVID-19 pandemic. International Journal of Environmental Research and Public Health, 18(8), 4183. https://doi.org/10.3390/ijerph18084183
Gui, S., Zhao, L., & Zhang, Z. (2019). Does municipal solid waste generation in China support the Environmental Kuznets Curve? New evidence from spatial linkage analysis. Waste Management, 84, 310–319. https://doi.org/10.1016/j.wasman.2018.12.006
Gumus, E., & Celikay, F. (2015). R&D expenditure and economic growth: new empirical evidence. Margin The Journal of Applied Economic Research, 9(3), 205–217. https://doi.org/10.1177/0973801015579753
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